This summer marked a turning point for the U.S. economy: Hiring screeched to a halt in recent months, ending a streak of orderly cooling.

Why it matters: The days of boom-like jobs numbers appear firmly in the past. • Employers are pulling back as they adjust to the Trump economy, one that features heightened uncertainty, costlier foreign goods and a diminished labor supply amid immigration crackdowns.

What they're saying: "Whatever the underlying cause — a scarcity of available workers, a more cautious hiring stance, lingering questions about the near-term impact of tariffs — labor conditions have cooled considerably in recent months," Jim Baird, chief investment officer at Plante Moran Financial Advisors, wrote in a note.

Driving the news: Friday's jobs data confirmed that the weak

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